SinoOcean, an idle offshore assets management platform set up by major Chinese state-run offshore builders, has entered into a partnership agreement with China Structural Reform Fund Corporation (CSRF) to accelerate the disposal of idle offshore assets.
Under the agreement, CSRF and SinoOcean will jointly set up a new entity in Tianjin and CSRF will provide RMB3bn ($447m) to SinoOcean to support the idle offshore disposal projects.
SinoOcean was set up last year by China Chengtong, CNOOC, CSSC, CSIC, Cosco Shipping Heavy Industry, China Merchants Offshore and China Communications Construction Company under the arrangement of the central government.
The group aims to consolidate around $30bn worth of idle offshore assets at state-run companies through resale and chartering deals.
SinoOcean has arranged a series of sale and charter deals for the idle offshore assets at domestic yards this year.